Bakkt (BKKT) Q1 2026 earnings summary

Executive summary

• Completed a strategic transformation focused on digital asset infrastructure, stablecoin payments, and global expansion, including the acquisition of Distributed Technologies Research (DTR) and divestiture of the Loyalty business to streamline operations.

• Operating model centers on three growth engines: Markets (institutional digital assets), Agent (programmable finance and AI-powered solutions), and Global (international investments and expansion).

• Strategic partnerships, such as with Zoth, and investments in Bitcoin Japan Corporation and Transchem Limited, are expected to drive future growth.

• Regulatory environment is increasingly favorable, with new U.S. legislation and global frameworks aligning with compliance infrastructure.

• Raised $67.1 million in net proceeds from equity offerings and pre-funded warrants, strengthening liquidity.

Financial highlights

• Q1 2026 revenue was $243.6 million, down 77.1% year-over-year due to the loss of major clients and lower trading volumes.

• Net loss attributable to shareholders was $11.7 million, compared to net income of $7.7 million in Q1 2025.

• Adjusted EBITDA loss was $13.7 million in Q1 2026, up from $11.7 million in Q1 2025.

• Controllable operating expenses were $18.6 million, in line with the prior year after adjusting for the Loyalty divestiture.

• Cash, cash equivalents, and restricted cash totaled $82.6 million at quarter end, with no long-term debt.

Outlook and guidance

• Targeting $2.5 billion in total transacting volume by year-end 2026, with Bakkt Markets’ Q1 2026 volume at $241 million.

• Bakkt Agent platform launch expected in Q3 2026, with a focus on programmable finance and partner activation.

• Management expects sufficient liquidity to fund operations for at least 12 months following recent equity raises.

• Ongoing investment in technology, regulatory infrastructure, and integration of DTR to support global growth.

• Anticipates long-term value creation through disciplined execution and operating leverage.